Advance Residence Investment to Dispose of Residential Property for 1.62 Billion Yen

MT Newswires Live

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Advance Residence Investment (TYO:3269), through its asset manager, agreed to sell its trust beneficiary interests in RESIDIA Bunkyo-Yushima II for 1.62 billion yen, according to its Tokyo bourse filing on Tuesday.

The transaction price for the Tokyo residential property represents a premium over the book value of 868 million yen, resulting in an expected gain on sale of about 736 million yen.

The REIT said the sale proceeds will be allocated toward future acquisitions, debt repayment, and other initiatives designed to enhance unitholder value.

The disposal is set to be completed on July 1.

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